Reliance paves the way

That the realty investment in Kolkata has taken an upswing is already acknowledged, what with large projects of all hues coming up allover the city and new ones debuting every other day.

But it took Reliance’s first-move initiative that the dilapidated KMC markets at vantage points in the city are now looked at with renewed vigor.

Reliance won the tender to develop KMC’s Park Circus market, but in the process it created so much hullabaloo that there is now a sense of urgency at KMC to hive off other markets at lucrative places for re-development.

The local politicians fear that Reliance’s entry would mean that the company might start its large format retail stores, which may be detrimental to the interests of small traders wherever large stores come up.

While the possibility is indeed there, what is also the case is that not only KMC markets would see grand makeovers, it would also fill municipality coffers with much-needed funds.

Which is why KMC is planning to soon handover its other properties like Entally market and New Market to private players for renovation.

It has decided that existing traders will be offered space after renovation is completed, and so it is likely that there will be less resistance to KMC’s plans.